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Investec Wealth & Investment hits £40 billion
by Dylan Lobo on Mar 14, 2013 at 08:02
Investec Wealth & Investment assets under management have broken the £40 billion mark.
In a trading update from its parent, Investec, covering the year from 31 March, the group said assets under management increased by 15% to £40.1 billion, helped in part by the acquisition of Williams de Broë. On a currency neutral basis assets were 20% higher.
Meanwhile the business, headed by chief executive Jonathan Wragg (pictured), registered net inflows of £0.9 billion over the period.
In a brief statement to the stockmarket Investec said it wealth arm was 'performing well ahead of the prior year' with higher average funds under management.
It added the integration of Williams de Broë, along with Irish private client stockbroker NCB - which it acquired in January 2012 - was 'progressing well', is progressing well although excess costs will be reflected in its 2013 results.
It was also a good year for Investec’s asset management business, with positive inflows of £3.2 billion helping assets under management jump 12% to £69.2 billion.
This showing was helped by 'competitive long term performance across investment capabilities' and Investec expects its asset management to deliver financial performance 'marginally ahead' of the previous year.
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